Hedge Funds

Arrowgrass to 'close' flagship after strong returns and growth

by

Arrowgrass, the big London-based hedge fund group led by highly-regarded former Deutsche Bank trader CIO Nick Niell, is 'closing' its flagship multi-strategy Arrowgrass Master Fund on the back of impressive performance and steady growth in assets since its launch nearly two years ago.

Having attracted strong demand from institutional investors in recent months, the fund is closing at $2.25 billion - although Arrowgrass says it will consider re-opening the fund in the second half of 2010 if visibility on the macro economy improves.

Longer term, Niell believes that the ultimate capacity of the fund is $5 billion. Beyond